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Akash Anand

CZ Confirms Binance US Will Go Ahead With IPO Despite Increased Scrutiny

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Ever since its creation, the cryptocurrency market has been the subject of routine regulatory interventions. The latest story surrounds Binance’s United States wing, Binance US, and its decision to move ahead with an IPO despite crackdowns from the financial sphere. Binance chief executive Changpeng Zhao said on Friday that the company’s move was built on the back of intense discussions and reworks.

CZ, as the CEO is more commonly called, made his comments at the virtual REDeFINE Tomorrow 20201 virtual meet on July 23. He did not shy away from answering questions about Binance’s situation with US regulators regarding alleged illegal trading activities on the platform. Binance and all of its affiliates will be ready to face any regulator in the future as well, said CZ. In his words:


“Binance US is looking at the IPO route. Most regulators are familiar with a certain pattern or having headquarters, having corporate structure. But we are setting up those structures to make it easier for an IPO to happen. We are now in the mindset of shifting from a tech startup to a financial service.”

The trading platform has come under fire earlier for not complying with frameworks set by lawmakers in the States. Even CZ admitted that the company had a need to localize compliance communications to make regulatory processes faster and more transparent. Binance US has hired former US Comptroller Brian Brooks as its CEO and to chart out new paths in terms of regulations and systematic ecosystem creation. 

The creation of an IPO would allow outside investors to enter the cryptocurrency market in a traditional manner. Regulators have insisted that they want to ensure proper measures are taken before a cryptocurrency company enters the mainstream space and pockets. The United States CFTC has also played a key role in keeping the tabs on Binance and reports about the company’s dealings with US customers. 

BNB tries to stay in the green as sell-off pressure increases

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Binance Coin [BNB]’s performance this year propelled it to the top of the charts with the cryptocurrency now sitting pretty at the number four position. Investors have been reassured by Binance CEO Changpeng Zhao about the coin’s use case and what it can do for the digital asset ecosystem in the future.

BNB’s price action over the past week was indicative of the rest of the market: price corrections followed by the bear’s pull once again. At press time, Binance Coin was trading for $292 with a total market cap of $49.28 billion. The cryptocurrency still had some ways to go before catching up to its nearest competitor, Tether [USDT].

In the last hour, BNB climbed by 3.5 percent to elevate its daily trading volume to $1.86 billion. Technical analysis of the cryptocurrency showed marked changes in price behavior since the start of July.

BNB 1 hour:

bnb 1 hr 2

BNB’s new immediate support was created on the 20th when the cryptocurrency fell to $255.4. The Relative Strength Index [RSI] rallied to the overbought zone after crashing below the oversold zone earlier. This meant that there was an increased BNB buying pressure.

According to BNB’s Chaikin Money Flow indicator, the capital influx was almost equivalent to the money leaving the market. The Parabolic SAR sided with the bull as the markers stayed below the price candles.

BNB 1 day:

bnb 1 d 1

In the long term, BNB’s price had settled into a slow price action after the creation of the new support. A hold near the $300 mark was considered safe for the cryptocurrency as long as buying pressure increases.

Daily charts painted the picture of a cryptocurrency struggling to get out of the bear’s thumb. BNB has not been able to climb back to the overbought zone levels since the start of May. The CMF had fallen below the zero line for the first time in the month and the sharp incline indicated a massive sell-off.

Even the Parabolic SAR pointed to a bearish takeover as the markers continued to stay atop the candles.

JPMorgan continues Blockchain push as bank amps up new hiring

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Traditional banks have stopped shying away from nascent technologies of late after their proven impact in the financial space. Traditional banks have been a surprise adopter of cryptocurrencies and blockchain technologies with some players like JPMorgan doubling down on their blockchain-related job openings.

Being one of the largest banks in the United States comes with its own reach and several peripheral effects. Adopting blockchain technology into their fold coupled with the support from cryptocurrency enthusiasts, JPMorgan has set its sights high for the imminent blockchain race. Recently, the bank opened multiple job positions on its website to pursue its “global development efforts”.

Of the listings, a majority were related to JPMorgan’s digital asset focussed Onyx branch. The Onyx division of the bank made news earlier when it became one of the few major subgroups in the world to channel digital assets into the mainstream financial framework. Sources further showed that the opportunities were located worldwide, all the way from the US to Hong Kong.

Other job openings were in connection with Link, JPMorgan’s native blockchain-based interbank data network. The link includes major banks from all trading spheres. Just recently, the State Bank of India had joined the Link roster which also includes both state-owned and private institutions.

Another area that JPMorgan looked at was tapping the use of Proof-of-Stake algorithms and their advantages. The bank’s focus on the digital asset industry comes at a time when it was looking at better its own JPMCoin. JPMorgan’s crypto push was a U-turn on its earlier stance on digital assets. The positive sentiment rode on analyst comments that said Bitcoin could be the new alternative to gold soon.

Solana [SOL]Price Support Crumbles Under Bear Pressure; Market Sees Red

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The cryptocurrency market has attained a red coat over the past week with major coins sliding rapidly on the charts. Solana [SOL] was one of the biggest losers of the week as a 26 percent drop ripped through its market cap. Polygon held the top spot in the bear’s eyes as it fell by 35 percent in the past week.

Experts believe that the bear market would become an ideal launchpad for new users to buy the dip and increase their portfolio. At press time, Solana was trading for $22.62 with a total market cap of $6.1 billion. After a daily dip of 11 percent, Solana’s trading volume fell to $444.9 million.

Solana 1 hour:

sol hr

Solana’s hourly dips became apparent after the 14th when the price tumbled across the board. The immediate support is constantly changing with the last known support at $22.24 and the resistance ~$32 range. Upper and lower Bollinger bands began diverging from one another as the red price candles increased in density.

The Relative Strength Index crashed below the lower index on Tuesday. According to the charts, this was Solana’s biggest dip in July which may have an impact on investor sentiments. Solana’s Chaikin Money Flow indicator had turned sharply to the bottom of the graph. This means that the capital leaving the market was more than the influx.

Solana 1 day:

sol 1 d

On the daily charts, Solana had a marked downshift as the candles continued to crumble under bear pressure. Even the Bollinger bands sided with the bear as the bands diverged sharply from one another. The immediate support remained at $15.2 as the histogram became populated with a mix of greens and reds.

The RSI hit the oversold threshold which means the selling pressure had increased multifold in the last couple of days. Even the RSI replicated the CMF’s price action as the capital coming into the market decreased considerably.

Dogecoin [DOGE] struggles to get back to Pre-Jackson Palmer tweet price levels

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Dogecoin has had a rough start to the week as the meme coin took one of the biggest tumbles in the top 20 cryptocurrency club. Alongside Polkadot, the Shiba-Inu-inspired cryptocurrency fell in double-digit amounts after the bear ravaged the market. DOGE’s fall may have been accelerated after its founder’s comments on the digital asset industry.

Jackson Palmer, the founder of Dogecoin went on a tweet spree recently where he spoke about his decision to not return to the cryptocurrency market in any capacity. Following Palmer,s tweets, Dogecoin’s price fell from $0.23 to $0.16 in a matter of 46 hours. Although the cryptocurrency corrected soon after, the joy was short-lived. On July 18, the DOGE market opened after it crashed sharply towards $0.185 the previous night.

During the price recovery on the 17th, Dogecoin managed to surpass its earlier resistance, albeit only for a single trade. The average price could only manage a level of $0.192 after which it slid to $0.1881. The current bear attack seems meek compared to the one DOGE had suffered towards the end of June.

That event caused the immediate support to drop to a dismal $0.17 after which the recovery was quick but for a minuscule measure. Despite the founder’s comments on the market and the cryptocurrency, holders were still hoping for a recovery.

At press time, Dogecoin was trading for $0.171 with a total market cap of $22.495 billion. After an hourly fall of 9.9 percent, DOGE’s daily trading volume plummeted to $1.12 billion. The trading volume had stabilized earlier after the Twitter showdown where Palmer had said:

“After years of studying it, I believe that cryptocurrency is an inherently right-wing, hyper-capitalistic technology built primarily to amplify the wealth of its proponents through a combination of tax avoidance, diminished regulatory oversight and artificially enforced scarcity.”

Cardano [ADA] Bleeds Red as Altcoins Face-Off With Bear

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The cryptocurrency market’s slowdown over the past few days has resulted in millions being wiped off in terms of market caps and trading volumes. Bitcoin’s lack of movement may be a reason why other coins are taking a turn in the bear pit. Cardano [ADA] was one of the altcoins in the tumble, falling in double-digit numbers over the past week.

IOHK’s cryptocurrency, hailed as a successor to trading currencies, fell across the board after a stagnant price hold. At press time, ADA was trading for $1.17 with a total market cap of $37.52 billion. The 5th placed cryptocurrency was well ahead of its nearest competitor XRP in terms of trading volume and market cap.

Cardano 1 hour:

ada 1 hr

Cardano’s hourly performance took quite the tumble as the cryptocurrency fell from highs as much as $1.302. The current immediate support was calculated to be $1.152 after which the price bounced to its current value of $1.171.

According to the Parabolic SAR, ADA was coming out of its bearish slump as the markers stayed below the price candles. Continued buying pressure will be indicated by a prolonged bottom hold by the markers.

The cryptocurrency’s RSI indicator sharply fell below the zero line as more users sold their ADA holdings. Since the start of the month, Cardano has found it difficult to maintain its RSI graph above the zero line for long periods of time. Cardano’s CMF crashed to one of its lowest points of the month with chances for a small revival in the near future.

Cardano 1 day:

ada 1 day

Daily performance was slightly different from earlier as Cardano found it difficult to escape the bearish rut. Cardano’s long-term resistance was at $1.17 with the Parabolic SAR markers holding above the price candles since the middle of May.

Cardano’s long-term RSI moved parallel to the oversold zone while hitting one of the lowest levels this year. The CMF skirted on the zero line as the capital influx and the capital leaving the market canceled each other out. Experts believe that continued developments would restore the faith in investors and in turn generate traction for the cryptocurrency.

Tenessee Gives Bitcoin A Boost As City Plans to Accept Crypto For Property Tax Payments

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With each passing day, the cryptocurrency market witnesses multiple developments across the financial and political sphere. This mantra was reaffirmed again by the city of Jackson, Tennessee when its Mayor Scott Conger announced the new plans for property tax payments via cryptocurrencies. The potential results of this decision may set course a new era for blockchain and cryptocurrency adoption.

Conger stated that using cryptocurrencies such as Bitcoin could potentially save lots of time and effort on the user’s end. The government official approved the city’s blockchain task force to conduct in-depth studies on Bitcoin’s superiority over fiat currency.

In his recent tweet, Conger asked:

“Why do we accept inflation? Why don’t we demand more from our federal government?
6.3% in 2 years. 172.8% in my lifetime. Every year our dollar is worthless. There is no rebound.
There is only 1 fix for this.. #Bitcoin.”

Back in April, Tenessee had decided to explore the option to pay its employees in cryptocurrencies including Bitcoin, Ethereum, and Litecoin. Tenessee even plans to consider native cryptocurrency mining to add to the city’s balance sheets. The city’s positive sentiment about Bitcoin comes in the wake of several country’s assimilating Bitcoin into their financial systems.

Most analysts believe that Bitcoin’s record surge over the past couple of months caused it to become an accepted standard for many countries. At press time, Bitcoin was trading for $31,225 with a total market cap of $585.729 billion. A 5.12 percent weekly dip caused the daily trading volume to fall to $23.601 billion. Bitcoin’s bearish price action was still lower than its compatriots such as Etherum and Cardano.

Long Bitcoin Slips to No.3 in Bank of America Survey as Tech Stocks and ESG boom

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The past few months have seen multiple changes in the financial markets as stocks rallied and dipped continuously. While the S&P market was absent of major changes, the cryptocurrency market had a different tale to tell. New research by the Bank of America showed that “long Bitcoin” was the third most crowded trade compared to traditional long stocks.

Bitcoin’s growing presence in the financial space has forced regulators to sit up and take notice of the world’s largest cryptocurrency. The Bank of America’s July GLobal Fund Manager Survey touched on long Bitcoin’s slip to third place after being beaten by “long tech stocks” and “long ESG”. Long commodities occupied fourth place in the survey.

According to sources within the bank, the survey’s sample space includes the views of over 200 institutional, mutual, and hedge fund managers from all over the world. One standout fact from the July report was that investors were much less bullish now than they were in the first quarter of the year. In May, “long Bitcoin” had rocketed to the top as the most crowded trading asset. Long tech stocks came in second with long ESG taking the last spot on the podium.

The BoA has been paying close attention to the cryptocurrency market as developments progressed in full swing. It has even created a team dedicated to researching cryptocurrency and come up with solid solutions to integrate it into daily transactional activities. Candace Browning, the head of Bank of America’s global research said:

“Cryptocurrencies and digital assets constitute one of the fastest-growing emerging technology ecosystems. We are uniquely positioned to provide thought leadership due to our strong industry research analysis, market-leading global payments platform, and our blockchain expertise.”

Australia cozies upto Bitcoin as survey reveals positive numbers

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Bitcoin’s reach has been prevalent across several regions with investors flocking to the cryptocurrency as an alternative store of value. Recently, comparison platform Finder published a survey measuring Australia’s affinity towards Bitcoin and the cryptocurrency market in general. Australians were asked several questions in the survey pertaining to the use cases and effectiveness of Bitcoin in a day-to-day financial structure.

According to the research, one in three Australians believe that Bitcoin will one day be more transacted than fiat currency. A majority of the GenZ participants believed that Bitcoin will overtake central currencies while only 30 percent of GenX believed the same. Bitcoin being a bubble was also a central point in the survey with 73 percent agreeing with the question.

While only 17 percent of Australians owned cryptocurrencies such as Bitcoin, it was still considered a legitimate investment by its holders. Another Finder survey had revealed that a quarter of Australians would accept a part of their salary being paid in Bitcoin. Taylor Blackburn, a personal finance specialist at Finder elucidated on the country’s positive sentiment towards crypto by saying:

“Bitcoin has seen impressive growth in the past year despite its sometimes volatile nature. With more Australians looking for inflation hedges, yield-bearing assets, and alternative investment opportunities, it’s not surprising that these many people are willing to be paid part of their salary in Bitcoin.”

The latest survey looked to include the rise of cryptocurrency exchanges as well. Fifteen percent of the sample space claimed that they use exchanges while 73 percent said they were not planning on getting one. Bitcoin’s dominance in the continent comes as no surprise as the cryptocurrency has also garnered support from other institutions.

Australian government grants millions in grants to rising blockchain companies

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There is no denying that blockchain projects have taken off in the last couple of months with even mainstream institutions adopting the technology. On June 12, the Australian government also jumped on the blockchain bandwagon as it granted more than $5.6 million to industry-based grants programs.

Australian Ministry for Industry, Science and Technology Christian Porter said the projects would help to accelerate the country’s adoption of blockchain technology and “assist businesses to solve real-world problems”. The first two recipients of the Blockchain Pilot Grants were Everledger and Convergence. tech. While the former received $3 million, the former landed a grant of $2.6 million.

The funds for the blockchain grants were first included in the Federal Budget for the 2020-2021 session. Last year in February, the Australian Government released the National Blockchain Roadmap which set the course for the current developments. Christian Porter said:

“The Blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information.”

He continued:

“These two successful projects will also highlight opportunities to improve the technical and regulatory environment for blockchain in Australia, bolster blockchain literacy and support collaboration between Australian governments, the private sector, and blockchain companies.”

Other sources within the government agreed with Porter in the fact that Australia had to keep up with the changing financial climate. Using the funds, Everledger plans to investigate the use of blockchain in digital certification. On the other hand, Converge will use its grants capital to help automate ‘commodity-based tax’ processes.

Australia has been blockchain positive for quite some time now and the latest move by the government only solidified cryptocurrency’s hold in the continent down under.